Notes Payable (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Summary of Terms of Notes Payable

The following table summarizes the terms of notes payable outstanding at September 30, 2023 and December 31, 2022 ($ in thousands):

Description	Interest Rate (1)	Maturity (2)	2023		2022
Unsecured Notes:
Credit Facility	6.31%	April 2027	$	144,500	$	56,600
Term Loan	(3)	March 2025	400,000		400,000
Term Loan	5.38%	August 2024	350,000		350,000
Senior Note	3.95%	July 2029	275,000		275,000
Senior Note	3.91%	July 2025	250,000		250,000
Senior Note	3.86%	July 2028	250,000		250,000
Senior Note	3.78%	July 2027	125,000		125,000
Senior Note	4.09%	July 2027	100,000		100,000
			1,894,500		1,806,600
Secured Mortgage Notes:
Terminus (4)	6.34%	January 2031	221,000		221,000
Fifth Third Center	3.37%	October 2026	127,464		130,168
Colorado Tower	3.45%	September 2026	107,543		109,552
Domain 10	3.75%	November 2024	73,056		74,521
			529,063		535,241
			$	2,423,563	$	2,341,841
Unamortized loan costs			(5,160)		(7,235)
Total Notes Payable			$	2,418,403	$	2,334,606

(1) Interest rate as of September 30, 2023.

(2) Weighted average maturity of notes payable outstanding at September 30, 2023 was 3.3 years.

(3) In April 2023, the Company entered into a floating-to-fixed interest rate swap with respect to $200 million of the $400 million Term Loan. As of September 30, 2023, the fixed interest rate was 5.45%, and the floating interest rate was 6.46%.

(4) Represents $123.0 million and $98.0 million non-cross-collateralized mortgages secured by the Terminus 100 and Terminus 200 buildings, respectively.

Summary of Interest Recorded

For the three and nine months ended September 30, 2023 and 2022, interest expense was recorded as follows ($ in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Total interest incurred	$	31,180	$	22,406	$	92,278	$	61,522
Interest capitalized	(4,172)		(4,026)		(14,268)		(11,068)
Total interest expense	$	27,008	$	18,380	$	78,010	$	50,454